In a large soup pot, heat the olive oil over medium heat. Add the fennel and onion. Saute until the vegetables are soft, about 5 minutes. Stir in the potatoes, chicken broth, milk and lemon juice. Cover, reduce heat and simmer until the potatoes are tender, about 15 minutes.
In a blender or food processor, puree the soup in batches until smooth. Note: The soup will be hot. Fill blender or processor no more than one-third full to avoid burns.
Return the soup to the pot and heat until warmed through. Ladle into individual bowls and garnish with toasted fennel seeds. Serve immediately.